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A firm faces the following average revenue (demand)
curve: P = 120- 0.02Q
where Q is weekly production and P is price, measured in cents per unit. The firm"s cost function is given by C = 60Q + 25,000.Assume that the firm maximizes profits.
a. What is the level of production, price, and total profit per week?
b. If the government decides to levy a tax of 14 cents per unit on this product, what will be the new level of production, price, and profit?
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What are the individual's budget constraints in periods 1 and 2 and the new lifetime budget constraint and solve for the optimal consumption in both periods.
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